SOLUTION: You are estimating the cost of engine overhauls. A sample of 49 repairs showed an average overhaul of 285 hours with a standard deviation of 60 hours. Calculate a 95% confidence in

Algebra ->  Finance -> SOLUTION: You are estimating the cost of engine overhauls. A sample of 49 repairs showed an average overhaul of 285 hours with a standard deviation of 60 hours. Calculate a 95% confidence in      Log On


   

Question 995165: You are estimating the cost of engine overhauls. A sample of 49 repairs showed an average overhaul of 285 hours with a standard deviation of 60 hours. Calculate a 95% confidence interval for the average overhaul. (Carry intermediate calculations to three decimal places.)
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
You are estimating the cost of engine overhauls. A sample of 49 repairs showed an average overhaul of 285 hours with a standard deviation of 60 hours. Calculate a 95% confidence interval for the average overhaul. (Carry intermediate calculations to three decimal places.)
-------
Sample mean:: 285
ME = 1.96(60/sqrt(49) = 1.96(60/7) = 16.8
-----
95% CI:: 285-16.8 < u < 285+16.8
-----------------
Cheers,
Stan H.
---------